EUR/JPY - Challenging its 200-Day Moving Average

By: MIG Bank | Mon, Jan 12, 2015
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EUR/JPY has broken the key support area between 141.70 (see also the 50% retracement) and 141.23, confirming persistent selling pressures. Despite the key support at 140.12 (61.8% retracement, 200-day moving average), buying interest remains muted thus far. Hourly resistances stand at 141.72 (08/01/2015 high) and 142.97 (intraday high).

In the longer term, the move below the key support at 141.23 (19/09/2014 high) confirms an overall weaker bullish momentum. However, there is still no sign of a significant medium-term bearish reversal pattern. Strong supports can now be found at 140.12 (see also the 200-day moving average) and 134.11 (20/11/2013 low).

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Author: MIG Bank

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